MFDA Hearing Panel approves two settlement agreements
TORONTO, ON, July 7, 2021 /CNW/ - On July 7, 2021, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following two settlement proceedings, the particulars of which are:
Magdalene Wong
A hearing in the matter of Magdalene Mun-Yin Wong ("Wong") was held by electronic hearing on July 7, 2021 at which the Hearing Panel approved the settlement agreement dated May 17, 2021 ("Settlement Agreement"), between Staff of the MFDA and Wong, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $17,000;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Wong admitted that:
a) |
between October 19, 2015 and May 10, 2018, she cut and pasted 2 client signatures onto 2 new account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1; |
b) |
between February 23, 2018 and January 20, 2020, she altered and used to process transactions 9 account forms in respect of 7 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and |
c) |
between August 16, 2018 and December 27, 2018, she obtained, possessed, and in some instances used to process transactions, 10 pre-signed account forms in respect of 6 clients, contrary to MFDA Rule 2.1.1. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Wong conducted business out in the Scarborough, Ontario area.
Diane Knyf
A hearing in the matter of Diane Louise Knyf ("Knyf") was held by electronic hearing on July 7, 2021 at which the Hearing Panel approved the settlement agreement dated June 4, 2021 ("Settlement Agreement"), between Staff of the MFDA and Knyf, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $13,000;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Knyf admitted that:
a) |
between January 15, 2013 and August 13, 2018, she obtained, possessed and used to process transactions, 7 pre-signed account forms in respect of 6 clients, contrary to MFDA Rule 2.1.1; and |
b) |
between January 21, 2014 and December 3, 2015, she altered and used to process transactions, 19 account forms in respect of 16 clients, by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, Knyf conducted business in the Burlington, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]
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